Even if you have excellent auto insurance, you aren’t covered for everything. Many liability settlements are for $1 million or more. Most policies do not provide this limit of protection, but that’s where a personal umbrella policy kicks in.
If you drive often, have a great deal of assets, or have young drivers in the house, a usual policy can only take you so far. The same goes for your home! Pools, trampolines and dogs can all lead to incidents where a normal policy will only take you so far. However, an Umbrella Policy can provide you with extra liability coverage to protect against expensive and freak accidents. So what are some of the scenarios in which you should have an umbrella policy?
Why We Personally Recommend a Personal Umbrella Insurance Policy
Frequently Entertain in Your Home
No matter how cautious you try to be, injuries still happen — and if you regularly host others in your home, the risk of incident grows. For example, lets imagine that you decide to host a holiday party in your backyard. Your coworker’s husband has a few too many drinks and as he is leaving your property for the night, he slips on your front step and hits his head. You could be responsible for their medical bills, lost wages and pain and suffering if they decide to sue you. Even if you have done everything right, you could end up paying a great deal for a lawyer to defend you in court. Where your homeowners policy stops, your umbrella policy would kick in.
It is estimated that upwards of 2 million bites happen every year, from dogs alone! The most likely place for these attacks to happen is in the home, raising your risk if you have a pet. The average cost per dog bite claim has increased over the years, making umbrella insurance a worthwhile investment if you have a pet at home.
A Swimming Pool on Your Property
You can be held accountable for any medical expenses a guest sustains due to an injury at your pool. This is in addition to the attorney’s fees that you accrue to defend if they sue for damages. Your umbrella coverage will increase your risk protection beyond the boundaries of your homeowners’ policies in this situation.
A Teen Driver at Home
Your teen has an increased risk of incident on the road while they are gaining confidence in their driving abilities. According to the CDC, six teens aged 16-19 died every day due to motor vehicle crashes, and hundreds more were injured in 2017 which means their risk of an incident is higher than that of an adult. Protect yourself and your family against this increased financial risk by having an umbrella insurance policy in place.
A High Net Worth
You have put a great deal of work into to building your assets. Income, home, real estate investments, retirement accounts and savings. Once someone else experiences a simple accident or mistake that causes harm, it could all be at risk. Having an Umbrella Policy in place can protect you and your assets from these types of incidents.
How Stromsoe Insurance Agency Can Help
You don’t have to be a millionaire to get taken to court and sued like one. Umbrella Insurance is an absolutely crucial part of any solid insurance package, whether you are an individual or business owner. Contact one of our friendly, helpful agents to help you learn more about your various coverage options, decide what is best for you and your family and receive your complete coverage review, as well as your free California umbrella insurance quote today!
Questions? Want to learn more? Here’s 4 easy ways to reach us:
PS Here’s a few words from one client that trusts Stromsoe Insurance Agency:
“We are extremely pleased with the prompt service we receive. I can call anytime, never placed on hold or had to wait for a return phone call. We are an older couple and at times do not understand the ins and out of really good coverage, so with [the team’s] help we feel comfortable with our home, cars and umbrella policies, I feel protected & safe!”
Phil & Mary Jean Marsh – Client since 2005
PPS Every policy is backed by our iron clad, 100% complete satisfaction guarantee. Ask for your copy today!